The reason for the closure of the business is due to continues losses incurred by the unit.

Following the announcement, shares of the company gained as much as 7.30 per cent to hit intra-day high of Rs 74.90 apiece on the Bombay Stock Exchange. The scrip was currently trading at Rs 72.60 against previous close price of Rs 69.80.

Meanwhile, the broader benchmark BSE Sensex was trading at 29,947.84, up 26.66 points or 0.09 per cent, at 11:00 hour.